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  • Writer's pictureTara Powell

Summer Is Right Around The Corner!

With Spring officially in the air, what is the latest national housing news? Hi, I am Tara Powell with the RE/MAX NC Coastal Team. As Summer approaches with warmer weather and longer days, more homes are hitting the market. This means there is more inventory for buyers.

According to Redfin News, at the close of the first week in April, new listings rose 14.1% year over year, this was the biggest increase since June 2021. We are also seeing prices remain high at  6.5% YOY. This is the biggest increase since October 2022. However with all this new inventory and appreciation in home value, we are still seeing some buyers sitting on the sidelines. March inflation came in hotter than expected, so the threat of mortgage increasing over the next couple of months is a real possibility. The buyers that are actively shopping are looking for homes that are ready without a laundry list of repairs and sellers are looking at offering concessions to help buyers with closing costs and realtor fees.

Homes are staying on the market for a longer period of time but it is still a seller’s market - just not as frenzied as it was in 2021 and 2022. Of course, we all know the housing market is volatile and ever changing so while interest rates have stalled we continue to expect ups and downs this year as the market works out some kinks from 2023.

If you would like more information on housing data in your local market area, give us a call. We are happy to help. Real Estate with a Purpose. Where we put our clients and community first!

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